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Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within the complexities of the global supply chain. These have many manifestations; from payment fraud that involves existing mandates and impersonation of executives to procurement fraud featuring false invoicing.
Carrier fraud, in which criminals imitate hauliers and other sub-contractors, including drivers with falsified documents, accounted for 84% of TT claims involving fraud or deception in 2022. TT is eager to pinpoint these risks and offer advice to industry on how to not just identify potential fraud but to minimise and avoid losses through them.
“No one – from freight forwarders, shippers, and carriers to container owners and logistics, ports, warehouse and depot operators – should underestimate how lucrative an industry fraud is. Using sophisticated, low-risk tactics, fraudsters can easily steal large amounts of money or consignments of cargo,” says Mike Yarwood, Managing Director, Loss Prevention at TT.
“Incidents of fraud that target international supply chains across the globe are not perpetrated by opportunistic criminals working in isolation but in the majority of cases the work of sophisticated organised crime gangs. They have well-honed methodologies that are adaptable in the face of detection devices and changes in operating procedures, as the experience of recent disruption to the freight transport system has proved. Our awareness and readiness to protect our businesses must be stepped-up.”
TT has produced significant resources* to assist operators to shield themselves from fraudulent activities as it sees 15% of its cargo theft claims arise from fraud or deception. Specific examples include the intentional submission of false invoices purportedly from an established supplier but actually generated by a fraudster infiltrating the online payment system and duplicated or inflated invoices. Other cases, falling into the category of mandate fraud, experience criminal deception by manipulation of bank transfer details by a fraudster pretending to be an organisation paid regularly by the operator by hacking into the victim’s email traffic and imitating a genuine supplier alter bank transfer details for payment of a legitimate invoice.
TT found however that carrier fraud dominated its claims of this type last year. There are instances of fake carriers intercepting haulage instructions from forwarders or shippers and posing as the authentic carrier; also falsifying cargo pick-up or delivery documentation to steal loads.
One common tactic is where fraudsters pose as a forwarders using a freight exchange site and provide false instructions to a driver. They match a legitimate haulier to a shipper, facilitating the movement of goods. The fraudster then acts as a ‘middle man’ between these two legitimate companies, arranging the collection and directing the driver. Once the trucker has collected the goods, the fraudster provides new instructions to deliver to an alternative address where the cargo is stolen.
“A key aspect of this scenario is that the driver and the shipper are not in direct contact with one another,” explains Yarwood. “To avoid incidents such as this and other frauds it is crucial to make employees aware of the possibilities, to take extra care to verify documentation and instructions directly with customers and/or trusted partners, especially in pressure situations where carrier options might be in short supply or when there are particular time constraints.” He advises.
These are but samples of the various modus operandi employed by those intent of defrauding supply chain businesses. TT is determined to maintain a flow of information designed to help the industry combat such practices and to underline both their extent and devious nature in order to reduce financial losses and further disruption to fragile supply chains.
Source: TT Club
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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
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